All you need to know about Bitcoin in Pakistan

All you need to know about Bitcoin in Pakistan

Want to know what Bitcoins really are? Here’s All you need to know about Bitcoin in Pakistan


 In the simplest of words, bitcoin is a currency just like any other currency the difference between a traditional currency and Bitcoin is that it is a type of cryptocurrency or an online currency used electronically i.e. through computers, smartphones or even bitcoin ATM’s (Not available in Pakistan).





 

The best thing about bitcoin is that the state or banks or the Government has no say in it, you can basically send any amount of bitcoin from here to the other side of the world without the involvement of any banks or having to pay a heavy transaction fee and literally no one can know you sent the money or ask you how you got the money, no one can censor, seize or freeze your account.

The idea behind bitcoin was to take control from the central bodies and give control to users, where instead of a bank all your transactions are being saved in an online ledger called Blockchain. All the transactions are verified through an online open source program which runs on the computers of bitcoin miners.

 

Here’s a picture to put things in perspective

All you need to know about Bitcoin in Pakistan

 

If you want to know about Cryptocurrencies in general click on the link below:
https://www.techjuice.pk/cryptocurrency-101/

 

History of Bitcoin

Bitcoin was invented in 2009 by an anonymous programmer or hacker under the pseudonym name “Satoshi Nakamotothough it’s still very possible that it was more than just one person or even a group of people behind the invention of Bitcoin, Satoshi Nakamoto made sure his real identity was hidden and no one knows his real identity though he claimed to be a 30-year-old Japanese.



On November the 2nd 2008 shortly after the Wall street crashed, for the first time Satoshi Nakamoto appeared on a web forum and proposed this new and revolutionary monetary system.

The starting price of Bitcoin was 1309BTC=1$, On May 22, 2010, a developer bought two pizzas using 10,000 Bitcoins, one Bitcoin was worth 0.008$ back then currently it is 1BTC=7379.39$ and 10,000BTC= 73793850.00$.

WordPress and Reddit were the first big names to start accepting BTC as a method of payment.

Common Questions people ask

Q: Is it illegal to use bitcoin in Pakistan?
A: The Government of Pakistan has not declared Bitcoin illegal and there is no reason to believe that they will.

 

Q: Is it too late?
A: Saying it’s too late to start using Bitcoins or other Cryptocurrencies is like saying it’s too late to start using internet. For years it’s been said that Bitcoin is the Future or it’s the currency of the future and that is not the case anymore because the future is now, Bitcoin is a reality that people must accept, it is more stable than Gold and the only way to stop Bitcoin is by stopping Internet.



 

Q: How to buy Bitcoin in Pakistan?
A: Urdubit.com is Pakistan’s first Bitcoin trading platform used to buy and sell bitcoins.

 

 

Are you planning to buy Bitcoins? let us know in the comments or you can always write to us

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